The naira appreciated against the US dollar at the official foreign exchange market on Thursday, November 12, 2026, but weakened further in the parallel market, reflecting continued divergence between the two segments of Nigeria’s foreign exchange market.
Data from the Central Bank of Nigeria (CBN) showed that the naira closed at N1,358.50 per dollar at the Nigerian Foreign Exchange Market (NAFEM), compared with N1,364/$ recorded on Wednesday, November 11.
The movement represented a N5.50 appreciation, or 0.40%, against the dollar at the official market.
However, the naira faced renewed pressure in the parallel market, where Bureau De Change (BDC) operators quoted the dollar at N1,408 on Friday, November 13, compared with N1,402 the previous day.
Other Major Currencies
The British pound rose to N1,863 from N1,861, representing a N2 increase or 0.11 per cent.
Similarly, the euro gained N2 to trade at N1,557, compared with N1,555 previously, while the Canadian dollar increased by N3 to N987 from N984, representing a 0.30 per cent rise.
Nigeria’s External Reserves Decline
Nigeria’s foreign exchange reserves recorded a marginal decline, adding to the mixed developments in the country’s external sector.
CBN data showed that external reserves stood at $54.904 billion as of November 11, 2026, down from $54.919 billion recorded a day earlier.
The $15 million decline represented a 0.03 per cent reduction in the country’s reserve position.
The reserves remain an important buffer for the CBN in managing foreign exchange liquidity, supporting market stability and meeting the country’s external obligations.
Official and Parallel Market Gap
The latest exchange-rate movements highlight the continuing divergence between Nigeria’s official and parallel foreign exchange markets.
While the naira strengthened at NAFEM, the parallel-market rate moved in the opposite direction, with the dollar trading at N1,408 compared with N1,358.50 at the official window.
This represents a difference of N49.50 per dollar between the two markets.
